Assume a corporation receives subscriptions for 8,000 of its $4 par common stock for $50,000 . After the final cash payment has been received for the subscription, what is the final journal entry?
a. Common stock subscriptions receivable is debited $32,000, accounts receivable is debited $18,000 and common stock subscribed is credited $50,000.
b. Common Stock Subscribed is debited $32,000, Paid-in Capital in Excess of Par-Common Stock is debited $18,000 and Common Stock Subscriptions Receivable is credited $50,000.
c. Common stock is credited $32,000 and common stock subscribed is debited $32,000.
d. Common stock subscribed is debited $32,000, revenue is debited $18,000 and common stock subscriptions receivable is credited $50,000.
e. Common Stock Subscribed is debited $32,000 and Common Stock is credited $32,000.
e
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